With Bitcoin Price Below Support Downside Risk Is Real

8개월 전

The price of bitcoin is oversold, let me lead with that. I'd still be surprised if we don't see some kind of relief bounce even if it's short-lived.

Failed to Hold 7400-7600


With price closing below the support level and clearly in the midst of a descending channel the downside risk on BTC is to 6k.

We received a reversal candle yesterday after the hard price drop but buyers have failed to do more than just stop the downward slide.

A bounce to test the broken support upward to 7,600 is certainly feasible, what is bad about that is it would just be a confirmation of the level failing if that occurred.

Basically we need price to get above 7,600 for the price action to swing from bearish. As of right now I'm sitting on the sideline (holding my long-term position) waiting to add near 6k or wait until price action shows me signs of a bottom.

My personal opinion of course. Trade and invest based on your own whims.

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Bitcoin.... Come on down!

Nice to see your charts coinciding with mine.


My man!!! Great minds :-)

I’ve been watching and waiting for a while now. With the talk in China recently I think we will need to see a couple things happen before the price starts to climb again.

  • some sort of regulatory certainty in the US
  • lower interest rates, basically no where else for people to put their dollars to appreciate over inflation.

My 2 satoshis

What i really dislike is ... given McAfee's point of $1,000,000 a month and a year away, i was hoping for some nice spikes and some good pullbacks.

Now, the time just keeps getting more and more compressed.

And its going to be

i hope you bought all the bitcoin you want, because you aren't getting any more.

as we blow through a million and shortly after bitcoin goes no-bid


McAfee is gonna be eating his you know what. Price will be higher come that time but not $1 million. I'll bet a half a bitcoin on that ;-)